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Segment information | 12 Months Ended
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Dec. 31, 2019
Segment information |
Segment information | 17. Segment information The Company has four reportable segments: retail, bulk, services and manufacturing. The retail segment operates the water utility for the Seven Mile Beach and West Bay areas of Grand Cayman Island pursuant to an exclusive license granted by the Cayman Islands government. The bulk segment supplies potable water to government utilities in Grand Cayman and The Bahamas under long-term contracts. The services segment designs, constructs and sells water infrastructure and provides management and operating services to third parties. The manufacturing segment manufactures and services a wide range of custom and specialized water-related products applicable to commercial, municipal and industrial water production, supply and treatment. Consistent with prior periods, the Company records all non-direct general and administrative expenses in its retail business segment and does not allocate any of these non-direct expenses to its other three business segments. The accounting policies of the segments are consistent with those described in Note 2. The Company evaluates each segment’s performance based upon its income from operations. All intercompany transactions are eliminated for segment presentation purposes. The Company’s segments are strategic business units that are managed separately because each segment sells different products and/or services, serves customers with distinctly different needs and generates different gross profit margins.
|  | Year Ended December 31, 2019
|  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Revenue |  | $ | 26,456,022 |  | $ | 26,986,108 |  | $ | 1,759,446 |  | $ | 13,592,075 |  | $ | 68,793,651
Cost of revenue |  |  | 11,611,165 |  |  | 18,606,805 |  |  | 1,215,193 |  |  | 9,086,140 |  |  | 40,519,303
Gross profit |  |  | 14,844,857 |  |  | 8,379,303 |  |  | 544,253 |  |  | 4,505,935 |  |  | 28,274,348
General and administrative expenses |  |  | 13,422,821 |  |  | 1,238,296 |  |  | 2,740,219 |  |  | 1,947,622 |  |  | 19,348,958
Gain on asset dispositions and impairments, net |  |  | 398,041 |  |  | 47,000 |  |  | — |  |  | — |  |  | 445,041
Income (loss) from operations |  | $ | 1,820,077 |  | $ | 7,188,007 |  | $ | (2,195,966) |  | $ | 2,558,313 |  |  | 9,370,431
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 801,091
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,171,522
Provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 66,621
Net income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,104,901
Income from continuing operations attributable to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,549,978
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,554,923
Net income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,621,170
Net income attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,176,093
Depreciation and amortization expenses for the year ended December 31, 2019 for the retail, bulk, services and manufacturing segments were $2,364,994, $3,795,320, $125,306 and $922,027, respectively.
|  | As of December 31, 2019
|  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Accounts receivable, net |  | $ | 2,891,165 |  | $ | 18,883,493 |  | $ | 954,149 |  | $ | 500,882 |  | $ | 23,229,689
Property, plant and equipment, net |  | $ | 29,177,718 |  | $ | 30,281,647 |  | $ | 168,585 |  | $ | 1,621,029 |  | $ | 61,248,979
Construction in progress |  | $ | 396,214 |  | $ | 869,792 |  | $ | — |  | $ | 69,591 |  | $ | 1,335,597
Intangibles, net |  | $ | — |  | $ | — |  | $ | 3,877,222 |  | $ | 1,162,778 |  | $ | 5,040,000
Goodwill |  | $ | 1,170,511 |  | $ | 1,948,875 |  | $ | 5,320,416 |  | $ | 4,885,211 |  | $ | 13,325,013
Land and rights of way held for development |  | $ | — |  | $ | — |  | $ | 24,162,523 |  | $ | — |  | $ | 24,162,523
Total segment assets |  | $ | 65,554,640 |  | $ | 69,423,770 |  | $ | 42,459,177 |  | $ | 14,854,557 |  | $ | 192,292,144
|  | Year Ended December 31, 2018
|  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Revenue |  | $ | 25,621,048 |  | $ | 31,031,287 |  | $ | 1,811,372 |  | $ | 7,256,150 |  | $ | 65,719,857
Cost of revenue |  |  | 11,011,456 |  |  | 21,551,383 |  |  | 1,503,034 |  |  | 4,911,697 |  |  | 38,977,570
Gross profit |  |  | 14,609,592 |  |  | 9,479,904 |  |  | 308,338 |  |  | 2,344,453 |  |  | 26,742,287
General and administrative expenses |  |  | 12,029,646 |  |  | 1,301,042 |  |  | 2,889,703 |  |  | 2,489,028 |  |  | 18,709,419
(Loss) on asset dispositions and impairments, net |  |  | (12,263) |  |  | — |  |  | (41,180) |  |  | (3,331) |  |  | (56,774)
Income (loss) from operations |  | $ | 2,567,683 |  | $ | 8,178,862 |  | $ | (2,622,545) |  | $ | (147,906) |  |  | 7,976,094
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,740,064
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,716,158
Benefit from income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (157,291)
Net income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,873,449
Income from continuing operations attributable to non-controlling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 695,787
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,177,662
Net income from discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,115,825
Net income attributable to Consolidated Water Co. Ltd. stockholders |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,293,487
Depreciation and amortization expenses for the year ended December 31, 2018 for the retail, bulk, services and manufacturing segments were $2,019,462, $3,387,592, $28,386 and $1,598,794, respectively.
|  | As of December 31, 2018
|  | Retail |  | Bulk |  | Services |  | Manufacturing |  | Total
Accounts receivable, net |  | $ | 2,947,193 |  | $ | 18,480,589 |  | $ | 46,960 |  | $ | 987,475 |  | $ | 22,462,217
Property, plant and equipment, net |  | $ | 24,435,501 |  | $ | 32,820,908 |  | $ | 14,772 |  | $ | 1,609,637 |  | $ | 58,880,818
Construction in progress |  | $ | 5,437,093 |  | $ | 574,659 |  | $ | 3,291 |  | $ | — |  | $ | 6,015,043
Intangibles, net |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,891,667 |  | $ | 1,891,667
Goodwill |  | $ | 1,170,511 |  | $ | 1,948,875 |  | $ | — |  | $ | 4,885,211 |  | $ | 8,004,597
Land and rights of way held for development |  | $ | — |  | $ | — |  | $ | 24,161,024 |  | $ | — |  | $ | 24,161,024
Total segment assets |  | $ | 61,210,879 |  | $ | 67,740,088 |  | $ | 27,406,983 |  | $ | 12,254,121 |  | $ | 168,612,071
Assets of discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,903,527
Total assets |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 172,515,598
Revenues earned by major geographic region were:
|  | Year ended December 31,
|  | 2019 |  | 2018
Cayman Islands |  | $ | 30,327,139 |  | $ | 34,623,925
Bahamas |  |  | 23,114,860 |  |  | 23,241,361
Indonesia |  |  | 131 |  |  | 153,233
United States |  |  | 14,968,868 |  |  | 7,256,150
Revenues earned from management services agreement with OC-BVI |  |  | 382,653 |  |  | 445,188
|  | $ | 68,793,651 |  | $ | 65,719,857
Revenues earned from major customers were:
|  | Year ended December 31, |
|  | 2019 |  | 2018 |
Revenue earned from the Water and Sewerage Corporation ("WSC") |  | $ | 22,877,741 |  | $ | 22,956,878 |
Percentage of consolidated revenue earned from the WSC |  |  | 33 | % |  | 35 | %
Revenue earned from the Water Authority - Cayman ("WAC") |  | $ | 3,871,248 |  | $ | 7,789,926 |
Percentage of consolidated revenue earned from the WAC |  |  | 6 | % |  | 12 | %
Revenue earned from one manufacturing segment customer |  | $ | 9,238,476 |  | $ | 5,008,473 |
Percentage of consolidated revenue earned from the one manufacturing segment customer |  |  | 13 | % |  | 8 | %
Property, plant and equipment, net by major geographic region were:
|  | December 31,
|  | 2019 |  | 2018
Cayman Islands |  | $ | 29,059,294 |  | $ | 24,340,063
The Bahamas |  |  | 30,245,741 |  |  | 32,738,531
United States |  |  | 1,933,717 |  |  | 1,787,450
All other countries |  |  | 10,227 |  |  | 14,774
|  | $ | 61,248,979 |  | $ | 58,880,818

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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